Greece's current accounts balance worsened in 2006 with deficit totaling 23.6 billion euros (31.3 billion U.S. dollars), up by 9.0 billion euros (11.9 billion dollars) or 61.5 percent from 2005, the Bank of Greece said on Wednesday.

The central bank said in a report that the current accounts deficit reached 12.1 percent of the country's Gross Domestic Product.

The current accounts deficit totaled 2.815 billion euros (3.729 billion dollars) in December, up 294 million euros (390 million dollars) from December 2005, reflecting an increase in the trade deficit. On the other hand, the current transfers' surplus almost doubled in December.

The country's trade deficit widened by 7.727 billion euros (10. 238 billion dollars) in 2006, reflecting higher net payments for fuel imports, higher net payments for the purchase of vessels and higher trade deficit excluding fuel and vessels.

The central bank said revenues from the import of goods, excluding fuel and vessels, rose 9.6 percent or 1.013 billion euros (1.342 billion dollars), although the increase of import payments was bigger (up by 4.170 billion euros or 13.6 percent).

The incomes' deficit rose by 1.443 billion euros (1.898 billion dollars), due to higher net payments on interest, dividend and profits. The December figures also showed a significant increase in capital outflows, reflecting the payment of 357 million euros ( 473 million dollars) by National Bank for the purchase of Serbian bank Vojvodjanska Bank.

Direct investments showed a net inflow of 954 million euros (1, 264 million dollars) in 2006. The country's foreign exchange reserves totaled 2.2 billion euros in December.

Source: Xinhua